HORANA PLANTATIONS PLC

Transcription

1 HORANA PLANTATIONS PLC (Company Number : PQ 126) INTERIM FINANCIAL STATEMENTS For the Three (03) Months Ended 30-Jun-2017 Registered Office - No.400, Deans Road, P.O.Box 2042, Colombo 10, Sri Lanka # Tel: # Facsimile: # horanap@hplnet.lk # Web:

2 Interim Financial Statements Contents Page No. 1 Statement of Profit or Loss and Other Comprehensive Income 2 Statement of Financial Position 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Interim Financial Statements 6 Notes to the Interim Financial Statements (Contd )

3 Statement of Profit or Loss and Comprehensive Income Page 1 Three (03) Months Ended 31-Mar 30-Jun 30-Jun Change (Audited) Rs' 000 Rs' 000 Rs' 000 % 1,947,278 Revenue 625, , (1,831,450) Cost of Sales (566,382) (463,547) (22.18) 115,828 Gross Profit 59,599 (27,470) ,431 Other Operating Income 1,262 1, ,871 Change in Fair Value of Biological Assets 5, ,130 65,863 (26,296) (90,123) Administrative Expenses (27,249) (22,335) (22.00) (9,940) Management Fees (3,443) - (100.00) 59,067 Profit/(Loss) from Operations 35,171 (48,632) (88,656) Net Finance Expense (22,545) (16,057) (40.41) (29,589) Profit/(Loss) before Taxation 12,625 (64,688) (700) Tax Reversal/(Expense) 1,542 (349) (30,289) Profit/(Loss) for the period 14,168 (65,037) Other Comprehensive Income/(Expense):- 31,506 Actuarial Gain on Employe Benefits (4,411) Tax Expense on Other Comprehensive Income ,095 Other Comprehensive Income for the period after Tax (3,194) Total Comprehensive Income/(Expense) for the period 14,168 (65,037) (1.21) Earnings per Ordinary Share (Rs.) 0.57 (2.60)

4 Statement of Financial Position As at 30th June 2017 Page 2 As at As at 31-Mar 30-Jun 30-Jun (Audited) Rs' 000 Rs' 000 Rs' 000 ASSETS Non-Current Assets Property, Plant & Equipment:- 109,119 Leasehold Rights to Bare Land of JEDB/SLSPC Estates 108, ,978 54,821 Immovable JEDB/SLSPC Estate Assets on Finance Lease (Other than Bare Land) 52,824 61,702 2,085,018 Bearer Biological Assets 2,115,609 1,987, ,535 Consumable Biological Assets 494, , ,129 Other Tangibles 472, ,357 3,215,622 3,243,455 3,124,083 Other Non-Current Assets 27,285 Advance Company Tax(ACT) Recoverable 27,285 27,285 3,242,907 Total Non-Current Assets 3,270,740 3,151,368 Current Assets 6,860 Non-harvested Produce on Bearer Biological Assets 5,002 2, ,211 Inventories 226, , ,476 Trade and Other Receivables 104,968 82,162 16,636 Holding Company Receivable 23,506 31,599 8,636 Other Related Company Receivables 5, ,177 Cash and Cash Equivalents 13,167 7, ,996 Total Current Assets 378, ,866 3,615,903 Total Assets 3,649,056 3,447,234 EQUITY & LIABILITIES Equity 250,000 Stated Capital 250, ,000 35,000 Sinking Fund 35,000 35,000 35,000 Development Reserve 35,000 35,000 1,106,369 Retained Profits 1,120,537 1,044,526 1,426,369 Total Equity 1,440,537 1,364,526 Non-Current Liabilities 730,943 Interest bearing Borrowings payable after one year 723, ,262 84,564 Net Liability to Lessor of JEDB/SLSPC Estates 84,132 85,860 4,003 Other Finance Lease Creditors 2,368 8, ,480 Employee Benefits 393, , ,189 Deferred Income 137, , ,248 Deferred Tax Liability 131, ,532 1,484,427 Total Non-Current Liabilities 1,472,025 1,439,289 Current Liabilities 224,251 Trade and Other Payables 234, ,767 40,487 Payable to Other Related Companies 65,822 44, ,115 Interest bearing Borrowings payable within one year 164, ,182 1,728 Net Liability to Lessor of JEDB/SLSPC Estates 1,745 1,678 6,144 Other Finance Lease Creditors 6,301 6, ,380 Short Term Borrowings 263, , ,106 Total Current Liabilities 736, ,419 3,615,903 Total Equity & Liabilities 3,649,056 3,447, Net Assets per Ordinary Share (Rs.) The Statement of Financial Position as at 30th June 2017 and the Statement of Profit or Loss, Statement of Comprehensive Income, the Statement of Changes in Equity and Cash Flow Statement for the period ended 30th June 2017 are drawn up from the unaudited Financial Statements of the Company, provide the information required by the Colombo Stock Exchange. It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No.7 of Ms.P.M.Ediriweera Assistant General Manager - Finance Signed for and on behalf of the Board of Directors of Horana Plantations PLC:- (Sgd) A.M.Pandithage Chairman 27th July 2017 (Sgd.) W. G. R. Rajadurai Managing Director

5 Statement of Changes in Equity Page 3 (Stated Capital comprised - 25 Million Ordinary Shares and 1 Golden Share) Stated Sinking Development Retained Total Capital Fund Reserve Earnings Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Three (3) Months Ended 30th June 2016:- Balance as at 1st April ,000 35,000 35,000 1,109,563 1,429,563 Profit/(Loss) for the period (65,037) (65,037) Other Comprehensive Income/(Expense) Balance as at 30th June ,000 35,000 35,000 1,044,526 1,364,526 Three (3) Months Ended 30th June 2017 :- Balance as at 1st April ,000 35,000 35,000 1,106,369 1,426,369 Profit/(Loss) for the period ,168 14,168 Other Comprehensive Income/(Expense) Balance as at 30th June ,000 35,000 35,000 1,120,537 1,440,537

6 Statement of Cash Flows Page 4 31-Mar 30-Jun 30-Jun (Audited) Rs' 000 Rs' 000 Rs' 000 Cash Flow from Operating Activities Three (03) Months Ended (29,589) Profit/(Loss) before Taxation 12,625 (64,688) Adjustments for non-cash items : (28,871) Change in Fair Value of Biological Assets (5,002) - 131,575 Depreciation and Amortisation 34,081 32,926 73,292 Provision for Retiring Gratuity -Net of Actuarial Gain 17,949 19,261 88,646 Net Finance Expense 22,545 16,047 5,016 Finance Lease Interest 1,132 1,356 (9,671) Profit on Disposal of Property, Plant & Equipment and Redundant Materials - - (4,760) Amortisation of Capital Grants (1,262) (1,174) 745 Field Development Expenditure written off ,383 Operating Profit before Working Capital Changes 82,070 3,728 (4,746) (Increase)/Decrease in Debtors, Deposits & Prepayments (1,536) 8,174 (54,303) (Increase)/Decrease in Inventories 10,820 1,214 (4,116) (Increase)/Decrease in Related Party Receivables (3,669) (10,788) 22,252 Increase/(Decrease) in Related Party Payables 25,335 26,480 27,266 Increase/(Decrease) in Creditors, Provisions & Accrued Charges 9,194 (9,509) 212,737 Cash Generated from Operations 122,214 19,299 (81,674) Interest paid (22,373) (13,263) (75,899) Payments made for Employee benefits (13,388) (20,693) (6,798) Payment of Income Tax (Economic Service Charge & Withholding Tax) (3,376) (359) 48,366 Net Cash Inflow/(Outflow) from Operating Activities 83,076 (15,016) Cash Flow from Investing Activities (11,673) Purchase/Construction of Property, Plant and Equipment (8,814) (1,696) (209,348) Expenditure incurred on Biological Assets (53,047) (50,404) 8,649 Capital Grants and Subsidies received ,671 Proceeds on Disposal of Property, Plant & Equipment and Redundant Materials Interest Income (202,572) Net Cash Outflow from Investing Activities (61,355) (51,076) Cash Flow from Financing Activities 250,000 Receipt of Project Loans - - (86,250) Repayment of Project Loans (22,950) (17,400) 133,000 Receipt of Other Term Loans 46, ,000 (159,382) Repayment of Other Term Loans (17,272) (14,846) 204,000 Receipt of Short Term Advances - - (204,000) Repayment of Short Term Advances - - (28,236) Payment of Finance Lease Rentals (6,617) (7,784) 109,132 Net Cash Inflow/(Outflow) from Financing Activities 96 59,971 (45,073) Net Cash Inflow/(Outflow) for the period 21,817 (6,121) Change in Cash and Cash Equivalents (227,129) At the beginning of the Year (272,203) (227,129) (45,073) Net Cash Inflow/(Outflow) for the Period 21,817 (6,121) (272,203) At the End of the Period (250,385) (233,250)

7 Notes to the Interim Financial Statements Page 5 1 Segmental Information 31-Mar 30-Jun 30-Jun (Audited) - Rs' 000 Revenue:- Rs' 000 Rs' 000 1,532,680 Tea Sector 535, , ,862 Rubber Sector 78,885 48,721 33,735 Other Operating Revenue 11,102 3,970 1,947, , ,077 Gross Profit:- 102,615 Tea Sector 68,267 (8,106) (272) Rubber Sector (12,853) (20,456) 13,486 Other Operating Revenue 4,185 1, ,828 59,599 (27,470) 2 Market Prices (per Share) 31-Mar Quarter Ended 30th June 2016 Variance Rs.Cts. Rs.Cts. Date Rs.Cts. Date Rs.Cts Highest May Jun Lowest Apr Apr-16 (0.60) Closing Basis of Preparation 3.1 The above figures are provisional and subject to audit. 3.2 The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standards-LKAS 34 Interim Financial Reporting, and has applied the same accounting policies and methods of computation which have been adopted in the previous year. 3.3 Comparative figures have been re-classified to conform with the current year's presentation. 3.4 No material events have occurred subsequent to the Reporting Period, which require adjustments to or disclosures in the Financial Statements. 3.5 There are no changes in contingent liabilities of material nature since the last annual reporting date. 3.6 The company has opted to apply the amendment to LKAS 16 and LKAS 41, on harvestable biological assets growing on the bearer plants which are measured at their fair value less cost to harvest, prospectively as the retrospective impact of the amendment being not significantly affect the results of the corresponding period.

8 Notes to the Interim Financial Statements (Contd..) Page 6 4 Name No. of Shares Percentage (%) Twenty (20) Major Shareholders as at 30th June Vallibel Plantation Management Limited 12,750, Naratha Ventures Private Limited 2,153, Sampath Bank PLC / Dr. T. Senthilverl 1,882, Associated Electrical Corporation Ltd. 1,066, Seylan Bank PLC / Dr. Thirugnanasambandar Senthilverl 883, Bank of Ceylon No.01 Account 513, Mrs. N. H. Abdul Husein 230, Mr. K. C. Vignarajah 197, Gulf East Finance Limited 195, Mr. H. A. A. H. Algharabally 131, Mr. P. F. Nandasiri 113, Mr. P. H. D.Waidyatilaka 105, Mr. Anthony A. Page 100, Alpha Tours Private Limited 100, Mr. Y. L. Farook 76, Mr. G. M. Weerakoon 75, East West Properties PLC 71, Mr. A. M. M. Risvi 51, Mr. H. Beruwalage 50, Mr. A. Sithampalam 50, ,796, Others 4,203, ,000, Directors' Shareholdings as at 30th June Mr. A. M. Pandithage Mr. Dhammika Perera Mr. W. G. R. Rajadurai Mr. J. Manuja Kariapperuma Mr. L. J. A. Fernando Dr. S. Selliah Mr. K. D. H. Perera Mr. A. N. Wickremasinghe Mr. K. D. G. Gunaratne (Alternate Director to Mr.K.D.D.Perera) Mr. N. T. Bogahalande (Alternate Director to Mr.K.D.H.Perera) Public Holding Percentage as at 30th June 2017 Holding of 10% or more: Directors' Shareholding: - - Vallibel Plantation Management Ltd 12,750, None - - No.of Shareholders 12,750, Public Holding 10,324 12,250, Total Stated Capital 25,000,